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Economic and Financial Crises in Catalonia (1840–1914)

In: Crises and Transformation in the Mediterranean World

Author

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  • Pere Pascual i Domènech

    (University of Barcelona)

Abstract

Financial crises are caused by a growing divergence between the behaviour of basic economic variables and the expectations of investors and consumers. The aforementioned variables consist of the size of savings and the volume of demand driven by the changes experienced in pricesprices, salariessalaries and the interest rateinterest rate. This divergence gives rise to an overinvestment in a certain asset—often related to innovationinnovations, as was, in the past, the case of railways—railways, fed by the expansion of creditcredit and which, in the end, does not offer the expected performance for investors.

Suggested Citation

  • Pere Pascual i Domènech, 2023. "Economic and Financial Crises in Catalonia (1840–1914)," Palgrave Studies in Economic History, in: Jordi Catalan Vidal (ed.), Crises and Transformation in the Mediterranean World, chapter 0, pages 225-268, Palgrave Macmillan.
    • Handle: RePEc:pal:palscp:978-3-031-24502-2_6
    DOI: 10.1007/978-3-031-24502-2_6
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